LONGVIEW, Wash. (12/11/12)--Fibre FCU, Longview, Wash., recently provided a member business loan (MBL) that helped a local radio company add a third brand.
Joel Hanson literally grew up in the radio business. He was just a year old when his family put KLOG on the air in Kelso, Wash. KLOG's brand of "hometown news, home team sports and classic hit songs" remains popular, and is now the older sibling to two additional radio brands.
The family launched KUKN--a country music station--in 1990, and added a third radio brand, "The Wave, with the assistance of the $742 million asset credit union's MBL.
The Wave is the company's fastest growing station, Hanson told the Northwest Credit Union Association (NWCUA) (Anthem Recap Dec. 7).
The family business has a connection with many of the area's credit unions, Hanson said. The loan process with Fibre was seamless, he added.
"I was able to really simply, without a whole lot of work, explain what we were trying to achieve with the station, and obviously we had good track records with our previous stations." Hanson said.
MBLs help dreams comes true, said Angie Leppert, Fibre marketing specialist. "It's what puts food on the table for their families," she told NWCUA. "It allows them to have employment opportunities for our community."
Fibre, along with the Credit Union National Association (CUNA) and credit unions nationwide are lobbying Congress for passage of S. 2231 and H.R. 1418, bills that would increase credit unions' MBL cap to 27.5% of assets from 12.25%. A Senate vote on S. 2231, known as the Small Business Lending Enhancement Act, is possible during the current lame-duck session, which ends Dec. 21.
CUNA and credit unions say that increasing the cap would open up more opportunity to offer MBLs, inject $13 billion in business loans into the economy and create as many as 140,000 new jobs, with no cost to taxpayers.